Only cts 2010 standard cheque books are to be used after. As per our earlier communication to you, cheque books issued prior to july 2011 arenot cts 2010 compliant. Please identify if your existing citibank account cheque book is cts 2010 compliant. Post dated cheques issued by you and due after 31st march 20, needs to replace by cts 2010 compliant cheques. If your cheque placement does not look like the one in the image above and does not have cts 2010 printed on it, you must do new cheque book. Cheque truncation system cts cheque printing software. Cts 2010 standard cheques will have letters cts 2010 printed vertically on the cheque leaf near the perforation on the left side as shown in the image below. So, better not to waste much time and get your new cheque. Banks, customers go slow in adopting new cheque book the hindu.
Important notification regarding cts2010 standard cheques dear customers, if you are currently using cheque books issued to you by rblbank before july 2011, please apply for a new cheque book urgently. As per the revised rbi guidelines, the deadline of use of non cts compliant cheques have been further extended till 31st december 20. Check your current cheque book is it valid new cts. Hey rindia, i rarely use my cheque book and i just realized that mine is not cts 2010 compliant. So it is necessary for all to understand how your new cheque format looks like. For the past 6 months, rbi has been announcing several times saying non cts 2010 compliant.
All banks providing cheque facility to their customers have been advised to issue only cts 2010 standard cheques. Cheque truncation system cts, an online imagebased clearing system for faster clearing of cheques in india. Cheque books issued, by the bank, on or after 1st january 2012 are cts 2010 standard compliant. Please look for the letters cts 2010 printed perpendicularly on the cheque leaf near the perforation on the left side as shown in the image. Cheque truncation system new benchmark for cheques in banks.
As rbi is moving towards accepting only cts 2010 compliant cheques, non cts cheques should not be used post 31st march, 20. Non cts2010 complaint cheques valid up to jul20how does this impact you. In case non cts 2010 standard cheque forms were issued as post dated cheques pdcs or undated cheques udcs to any counterparty for any reason, these would need to be replaced with cts 2010 standard compliant cheques. Banks, customers go slow in adopting new cheque book the. The branch address and ifsc code should be on the top left side of the cheque 2. So, the validity of non cts cheques is again extended, this time upto 30th april 2014. Please note that when you receive or issue a cheque.
Go to your bank branch and request for a new cheque book. We are glad to inform that axis bank has started issuance of cts 2010 cheque book. Change the way you pay your credit and debit card instore,within mobile apps or online. Identify whether your existing bank accounts cheque books are cts 2010 compliant request for a new cheque book, if required also, please note that rbi has advised all banks holding postdated emi cheques to arrange for replacement of non cts 2010 standard cheques with cts 2010. If the letters cts2010 are present here, your cheque book is cts2010 standard compliant. Cts2010 standard cheques will have letters cts2010 printed vertically on the cheque leaf near the perforation on the left side as shown in the image below. Bank customers do not need to discard their non cts 2010 standard cheque books in a hurry to get their multicity cts 2010 standard cheque leafs. Cheque book issued prior to december 2010 is non cts compliant savings treasure accounts. All customers who hold the earlier cheque books issued by the bank are requested to apply for a new cheque book as per the cts 2010.
Identify whether your existing citibank account cheque book is cts 2010 compliant request for a new cheque book, if required also, please note that rbi has advised all banks holding postdated emi cheques to arrange for replacement of non cts2010 standard cheques with cts2010. Private bankers such as icici bank and hdfc bank had started issuing cts 2010 compliant cheque. Every account holder must deposit their non cts cheques and cheque books in their respective branch and get new cheque leaves or books as per the new cts 2010 standard. And you must do it latest by december 31, 2018, if you dont want your cheques to. What does cts 2010 noncompliant cheque mean in icici. Everything you need to know about cts 2010 cheques. Important message cts 2010 regulation applicable to. All cheques carry a standardised watermark, with the words cts india which can be seen when held against any light source. Only cheque books issued after aug 2011 are cts 2010 compliant. Offering cheque truncation system cts is a step in this direction. Cts2010 compliant cheque will have the printer details along with the text cts2010 printed on the extreme left hand of the cheque leaf.
Cheque truncation system cts or imagebased clearing system ics, in india, is a project of the reserve bank of india rbi, commenced in 2010, for faster clearing of cheques. Cts2010 standard cheques free book on indian stock market. Go to your bank branch and request for a new cheque book or order one. All compliant cheques will have cts 2010 printed on the left side of each cheque leaf. How does it work cheque truncation system is an online imagebased cheque clearing system which involves scanning of cheque. Non cts compliant cheques cheques not compliant to the cheque truncation system cts 2010 standards will be cleared thrice a week only, until 30 april, 2014. Also already circulated cheques will be replaced within 31st december 2012. Rbi had asked banks to replace noncts 2010 compliant cheque books, but most banks are understood to be going slow. These cheques have cts 2010 printed near the left margin.
Rbi extends cheque upgradation deadline till march next year 14 dec, 2012, 07. Cts is based on a cheque truncation or online imagebased cheque clearing system where cheque. Therefore, we recommend you to place a request for a new cheque book. You need to apply in your bank for the same and it is available free of cost. This will make capturing opticalimage character recognition ocricr in offline. Cts 2010 compliant cheque means, the cheque adheres to the cheque truncation system which started in 2010 in india, as per the guidelines of rbi. All chequebooks issued by the bank after aug 2011 are cts 2010 compliant. And if you hold any postdated cheques beyond 31st march you will have to arrange to get it replaced with a new cheque truncation system cheque. Request through online banking phone banking numbers. Cts 2010 new cheque truncation system wef 1st april 20. Introduction of magnetic ink character recognition micr. Ensure you use a cts 2010 compliant cheque, and know the. Will my old cheques that are not cts2010 still work.
So, better hurry up if you havent got your old cheque books replaced with cts 2010 standard cheque books. Number of accounts to which cts 2010 standard instruments are yet to be issued. Non cts compliant cheques shall not be processed for clearing with effect from january 1, 2019, pnb said in a notification. Hsbc has been issuing payable at par with cts 2010 standard compliant cheque. The word cts2010 must be printed on the left hand side of the cheque. Still using nonctc compliant cheques for making payments and havent got. If your cheque book has been indented prior to 1st january 2012, you are requested to indent for new cheque book. You can check if you hold a cts compliant cheque book by verifying if the cheque. Is your cheque book cts2010 compliant standard chartered india.
Many customers are yet to receive either individual. My cheque book is not cts2010 compliant, what to do. Bank customers do not need to discard their non cts 2010 standard cheque books in a hurry to get their multicity cts 2010 standard cheque. Can you please mail me a scanned copy of the latest cheque leaf that is compliant with cts 2010. You must first ensure that you use only cts 2010 compliant cheque leaves from january 1, 20. Yatra platinum credit card a card thats perfect for frequent travelers. After i placed a request for new cheque book, i found that my existing cheque book issued to me in mar2012 was already a cts 2010.
No clearance of noncts compliant cheques from january. And you must do it latest by december 31, 2018, if you dont. In case if your cts 2010 cheque book, you must obtain a new cts complied cheque book, and surrender the noncompliant one to the bank. Words cts 2010 printed on the left hand side of the cheque leaf near perforation.
Briefly describe the efforts taken by the bank to replace the non cts 2010 standard cheques with the cts 2010 standard compliant. Three things to know if you still use cheques livemint. This is how a standard cts 2010 complaint cheque looks like. You must obtain a cts2010 compliant cheque book on or before 31st march 20. The benchmark prescriptions are collectively known as cts 2010 standard. Punjab national bank pnb has asked its customers to get their non cts compliant cheques replaced as these instruments will not be accepted for clearance in the banking system from january. Watch the demo video to know why the new cts system speeds up cheque. Cheque books not containing cts2010 cheque leafs are called. If your cheque book is issued prior to august 2011, you are requested to indent for a new cheque book to avoid any inconvenience. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts 2010. It is now mandatory for banks to strictly issue standardised and enhanced new format of cheques called cts2010. Rbi recognised the disadvantages of this old system and has introduced a new format for cheques, referred as cts 2010, where instead of the physical movement of the cheque, an electronic image of the cheque.
Starting 1 august 20 only cts2010 compliant cheques would be accepted for. We are pleased to advise that standard chartered bank has been issuing cts 2010 standard compliant cheque books to our customers since april, 2011. If the above letters are present, your cheque book is cts 2010 compliant 5. To identify that the new cheque book is cts2010 compliant, please look for the. If these features are present in your cheque book, it is a cts compliant one. Rbi had asked banks to replace non cts 2010 compliant cheque books, but most banks are understood to be going slow. Jan 12, 20 8 boxes to write the date in ddmmyyy format. As per rbi guidelines, after march 31, 20, non cts 2010 standard compliant cheques will still be accepted for clearing but will be cleared at less frequent intervals.
Emirates world earn miles with every swipe and see the world sooner. Incase the cheque book you currently have is not cts 2010 compliant as per the above features we request you to immediately order a new cheque book. In case you have issued non cts 2010 standard post dated cheques. From april 20, all banks have to ensure the withdrawal of non cts 2010 standard cheques. Cheque book issued till 04 november 2012 is non cts compliant is my cheque cts compliant. Important notification regarding cts2010 standard cheques. A copy of cheque, cts 2010 compliant may please be used in explaining the requirements to be filled for the cheque leaves that can be used for transaction from january 01, 20 onwards. So please verify whether cheque book you have a already cts 2010 before rushing to bank to get a new one. As per rbi guidelines, non cts 2010 standard cheques will be withdrawn from circulation by 31december20.
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